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TheStreet Open House

Zix's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Rick and Mike will refer to various non-GAAP financial measures such as adjusted gross profit, adjusted operating expenses, adjusted earnings and adjusted EBITDA. You can find in our earnings press release, and on our investor website, detailed explanations of our non-GAAP financial measures along with reconciliations of our adjusted items to the most directly comparable GAAP financial measures.

Now I am pleased to turn the call over to Rick Spurr.

Rick Spurr

Thank you Geoff. Good afternoon everyone and thank you for joining us today to discuss our 2011 fourth quarter and yearend results. I am pleased to report record financial results for the fourth quarter and full year. From a top line perspective we achieved record revenue in the fourth quarter of $9.9 million, which was up 12% over the fourth quarter of last year and was

on the top end of our guidance range $9.7 million to $9.9 million. We also generated record full year revenue of $38.1 million up 15% from $33.1 million in 2010.

We achieved record bottom-line results, including adjusted net income in the fourth quarter of $2.9 million, up 17% year-over-year, and adjusted net income for 2011 of $10.9 million, up 31% over 2010. These strong bottom-line results highlight the significant leverage in our business model.

We increased full year revenue by $5.1 million and delivered $2.6 million of that to our bottom line. It’s important to note that the 2010 adjusted net income included over $1 million from the PocketScript business, which makes this $2.6 million increase even more impressive.

We continue to grow the backlog which at yearend was a solid $53.7 million, up 8% over the fourth quarter of 2010. New first year orders in the fourth quarter were $1.9 million, up sequentially from $1.6 million in the third quarter and down slightly from $2.1 million in the fourth quarter of 2010.

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